SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) Financials
Newest figures come from the 10-K for FY2025, filed Mar 20, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SWKHL SEC filings page.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) reported $41.5M in revenue for fiscal year 2025, down 7.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Operating cash generation remains positive even as a large tax charge and shareholder distributions make reported earnings look much weaker.
In FY2025, operating income was$20.3M while net income was a net loss of$2.5M . The tax line reached$22.6M as operating cash flow reached$27.3M , showing that the earnings shortfall was concentrated below operating performance rather than reflected in cash generation.
Revenue fell
The company paid
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of SWK Holdings Corporation 9.00% Senior Notes due 2027's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
SWK Holdings Corporation 9.00% Senior Notes due 2027 has an operating margin of 48.9%, meaning the company retains $49 of operating profit per $100 of revenue. This strong profitability earns a score of 85/100, reflecting efficient cost management and pricing power. This is up from 25.8% the prior year.
SWK Holdings Corporation 9.00% Senior Notes due 2027's revenue declined 7.8% year-over-year, from $45.0M to $41.5M. This contraction results in a growth score of 48/100.
SWK Holdings Corporation 9.00% Senior Notes due 2027 carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 9.41, SWK Holdings Corporation 9.00% Senior Notes due 2027 holds $9.41 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.
SWK Holdings Corporation 9.00% Senior Notes due 2027 converts 64.6% of revenue into free cash flow ($26.8M). This strong cash generation earns a score of 99/100.
SWK Holdings Corporation 9.00% Senior Notes due 2027 posts a -1.1% return on equity (ROE), meaning it loses $1 for every $100 of shareholders' equity. This results in a returns score of 51/100. This is down from 4.7% the prior year.
SWK Holdings Corporation 9.00% Senior Notes due 2027 passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
SWK Holdings Corporation 9.00% Senior Notes due 2027 reported a net loss of $2.5M while generating $27.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
SWK Holdings Corporation 9.00% Senior Notes due 2027 earns $18.43 in operating income for every $1 of interest expense ($20.3M vs $1.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
SWK Holdings Corporation 9.00% Senior Notes due 2027 generated $8.7M in revenue in Q4 2025. This represents a decrease of 29.7% from the same quarter a year earlier. Against the prior quarter it is down 20.1%.
SWK Holdings Corporation 9.00% Senior Notes due 2027's EBITDA was $857K in Q4 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 85.1% from the same quarter a year earlier. Against the prior quarter it is down 87.2%.
SWK Holdings Corporation 9.00% Senior Notes due 2027 reported a net loss of $19.4M in Q4 2025. This represents a decrease of 430.2% from the same quarter a year earlier. Against the prior quarter it is down 320.8%.
SWK Holdings Corporation 9.00% Senior Notes due 2027 earned -$1.59 per diluted share (EPS) in Q4 2025. This represents a decrease of 438.3% from the same quarter a year earlier. Against the prior quarter it is down 320.8%.
Cash & Balance Sheet
SWK Holdings Corporation 9.00% Senior Notes due 2027 generated $10.3M in free cash flow in Q4 2025, representing cash available after capex. This represents an increase of 51.4% from the same quarter a year earlier. Against the prior quarter it is up 1749.0%.
SWK Holdings Corporation 9.00% Senior Notes due 2027 held $42.8M in cash against $33.0M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Margins & Returns
SWK Holdings Corporation 9.00% Senior Notes due 2027's operating margin was 9.9% in Q4 2025, reflecting core business profitability. This is down 34.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 51.5 percentage points.
SWK Holdings Corporation 9.00% Senior Notes due 2027's quarterly ROE was -8.2% in Q4 2025: one quarter's net income over shareholder equity, not annualized. This is down 10.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 11.7 percentage points.
Not reported for Q4 2025.
Not shown for Q4 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
SWK Holdings Corporation 9.00% Senior Notes due 2027 invested $1K in research and development in Q4 2025. This represents a decrease of 99.8% from the same quarter a year earlier. Against the prior quarter it is down 99.3%.
SWK Holdings Corporation 9.00% Senior Notes due 2027 repurchased no shares in Q4 2025. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
SWK Holdings Corporation 9.00% Senior Notes due 2027 reported no capital expenditure in Q4 2025. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
SWKHL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.7M-29.7% | $10.9M+4.5% | $10.1M-7.3% | $11.8M+4.2% | $12.4M+25.0% | $10.4M+16.2% | $10.8M+14.2% | $11.4M+20.7% |
| R&D Expenses | $1K-99.8% | $147K-74.9% | $645K+24.0% | $758K+43.0% | $568K-5.6% | $585K-3.5% | $520K-65.5% | $530K-26.3% |
| SG&A Expenses | $5.4M+85.4% | $3.3M+9.8% | $2.8M-2.6% | $3.3M+22.1% | $2.9M+6.4% | $3.0M+0.5% | $2.9M-2.6% | $2.7M+5.7% |
| Operating Income | $857K-84.5% | $6.7M+63.5% | $4.6M+413.8% | $8.1M+651.9% | $5.5M+1579.0% | $4.1M-5.6% | $901K | $1.1M |
| EBITDA | $857K-85.1% | $6.7M+54.7% | $4.6M+251.6% | $8.1M+410.5% | $5.8M | $4.3M-13.3% | $1.3M | $1.6M |
| Interest Expense | -$1.4Mn/m | $1.2M+489.5% | $1.2M+3.2% | $200K-33.3% | -$519K-303.5% | $200K0.0% | $1.1M+208.3% | $300K+64.8% |
| Income Tax | $18.4M+579.0% | $1.9M+111.5% | $1.0M-0.9% | $1.3M+458.1% | $2.7Mn/m | $906Kn/m | $1.0M-28.8% | $229Kn/m |
| Net Income | -$19.4M-430.2% | $8.8M+153.2% | $3.5M-3.9% | $4.5M+869.9% | $5.9M+106.5% | $3.5M-22.5% | $3.7M-6.5% | $468K-89.9% |
| EPS (Basic) | -$1.59-431.3% | $0.72+157.1% | $0.29-3.3% | $0.37+825.0% | $0.48+108.7% | $0.28-22.2% | $0.30-3.2% | $0.04-88.9% |
| EPS (Diluted) | -$1.59-438.3% | $0.72+157.1% | $0.29-3.3% | $0.37+825.0% | $0.47+104.3% | $0.28-22.2% | $0.30-3.2% | $0.04-88.9% |
| Diluted Shares (Avg) | N/A | 12M-2.3% | 12M-2.1% | 12M-2.0% | N/A | 12M-1.4% | 12M-2.5% | 12M-2.9% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
SWKHL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $272.4M-18.0% | $289.4M-9.9% | $285.7M-11.0% | $331.3M+2.9% | $332.2M-0.6% | $321.3M+1.7% | $321.0M+10.5% | $322.0M+7.1% |
| Current Assets | $46.8M+131.0% | $16.3M-35.2% | $21.2M+43.3% | $75.9M+444.9% | $20.3M+70.6% | $25.2M-32.2% | $14.8M+13.2% | $13.9M+57.0% |
| Cash & Equivalents | $42.8M+621.5% | $10.2M-40.6% | $8.0M+44.3% | $29.8M+442.2% | $5.9M+31.6% | $17.2M-44.6% | $5.5M-18.5% | $5.5M+69.5% |
| Short-Term Investments | N/A | N/A | N/A | N/A | N/A | $0n/m | $0n/m | $0n/m |
| Accounts Receivable | $3.9M-33.3% | $5.6M-13.1% | $5.6M-24.0% | $4.7M-26.4% | $5.8M+22.4% | $6.4M+45.5% | $7.4M+68.5% | $6.4M+46.2% |
| Long-Term Investments | N/A | N/A | N/A | N/A | N/A | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $37.3M-14.3% | $35.2M-7.1% | $39.2M+2.8% | $38.6M-8.2% | $43.5M-19.3% | $37.8M-1.1% | $38.2M+130.5% | $42.1M+59.6% |
| Current Liabilities | $5.0M-10.6% | $2.9M-42.3% | $6.7M+20.9% | $6.7M+53.5% | $5.6M+41.1% | $5.0M-79.9% | $5.5M+84.4% | $4.4M-64.5% |
| Non-Current Liabilities | $32.4M-14.8% | $32.3M-1.8% | $32.5M-0.3% | $31.9M-15.4% | $38.0M-24.0% | $32.9M+143.2% | $32.6M+140.7% | $37.7M+168.5% |
| Long-Term Debt | $33.0M0.0% | $33.0M0.0% | $33.0M0.0% | $33.0M0.0% | $33.0M0.0% | $33.0M | $33.0M | $33.0M |
| Total Equity | $235.1M-18.6% | $254.2M-10.3% | $246.5M-12.9% | $292.7M+4.6% | $288.7M+3.0% | $283.4M+2.1% | $282.8M+3.3% | $279.9M+2.0% |
| Retained Earnings | -$4.2Bn/m | -$4.2Bn/m | -$4.2Bn/m | -$4.1Bn/m | -$4.1Bn/m | -$4.1Bn/m | -$4.1Bn/m | -$4.1Bn/m |
Not reported in any period shown, so not listed: Inventory, Goodwill.
SWKHL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.3M+49.5% | $906K-85.7% | $7.8M+44.1% | $8.3M+86.9% | $6.9M+20.8% | $6.3M+66.3% | $5.4M+14.6% | $4.4M+567.2% |
| Depreciation & Amortization | $0-100.0% | $2K-99.1% | $19K-95.5% | $19K-96.3% | $230K-64.1% | $234K-64.1% | $421K-33.9% | $514K-20.7% |
| Stock-Based Compensation | N/A | N/A | N/A | $307K+176.6% | N/A | N/A | $249K+51.8% | $111K+217.1% |
| Capital Expenditures | $0-100.0% | $349K+1103.4% | $63K+200.0% | $100Kn/m | $88K-55.3% | $29K-73.1% | $21K-88.5% | $0-100.0% |
| Free Cash Flow | $10.3M+51.4% | $557K-91.1% | $7.7M+43.5% | $8.2M+84.7% | $6.8M+23.6% | $6.3M+70.4% | $5.4M+18.7% | $4.4M+575.3% |
| Investing Cash Flow | $22.3Mn/m | $3.0M-65.5% | $20.1Mn/m | $22.7M+147.3% | -$23.5Mn/m | $8.6Mn/m | -$4.4M-129.5% | $9.2Mn/m |
| Financing Cash Flow | $0-100.0% | -$1.7Mn/m | -$49.7Mn/m | -$7.1Mn/m | $5.4M-74.4% | -$3.3M-115.9% | -$994Kn/m | -$13.3M-277.8% |
| Dividends Paid | $0n/m | $0n/m | N/A | N/A | $0 | $0 | N/A | N/A |
| Share Buybacks | $0-100.0% | $1.3M-58.6% | $870K-8.5% | $867K-13.2% | $849K+262.8% | $3.2M+233.9% | $951K-79.3% | $999K+88.1% |
SWKHL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 9.9%-34.8pp | 61.4%+22.2pp | 46.1%+37.7pp | 68.6%+59.1pp | 44.7%+41.4pp | 39.2%-9.1pp | 8.3% | 9.5% |
| Net Margin | -223.1% | 80.7%+47.4pp | 35.2%+1.3pp | 38.4%+34.2pp | 47.5%+18.7pp | 33.3%-16.6pp | 33.9%-7.5pp | 4.1%-45.1pp |
| Return on Equity | -8.2%-10.3pp | 3.5%+2.2pp | 1.4%+0.1pp | 1.6%+1.4pp | 2.0%+1.0pp | 1.2%-0.4pp | 1.3%-0.1pp | 0.2%-1.5pp |
| Return on Assets | -7.1%-8.9pp | 3.0%+1.9pp | 1.2%+0.1pp | 1.4%+1.2pp | 1.8%+0.9pp | 1.1%-0.3pp | 1.1%-0.2pp | 0.1%-1.4pp |
| Current Ratio | 9.41+5.8x | 5.68+0.6x | 3.17+0.5x | 11.30+8.1x | 3.64+0.6x | 5.06+3.6x | 2.68-1.7x | 3.18+2.5x |
| Debt-to-Equity | 0.140.0x | 0.130.0x | 0.130.0x | 0.110.0x | 0.110.0x | 0.12 | 0.12 | 0.12 |
| Liabilities-to-Equity | 0.160.0x | 0.140.0x | 0.160.0x | 0.130.0x | 0.150.0x | 0.130.0x | 0.14+0.1x | 0.15+0.1x |
| Asset Turnover | 0.030.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.030.0x | 0.030.0x | 0.040.0x |
| FCF Margin | 118.5% | 5.1%-55.2pp | 77.0%+27.3pp | 69.1%+30.1pp | 55.0%-0.6pp | 60.4%+19.2pp | 49.7%+1.9pp | 39.0%+32.0pp |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.
Where SWK Holdings Corporation 9.00% Senior Notes due 2027 Ranks
Frequently Asked Questions
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) reported $41.5M in total revenue for fiscal year 2025. This represents a -7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) revenue declined by 7.8% year-over-year, from $45.0M to $41.5M in fiscal year 2025.
No, SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) reported a net loss of $2.5M in fiscal year 2025, with a net profit margin of -6.1%.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had EBITDA of $20.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had $42.8M in cash and equivalents against $33.0M in long-term debt.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had an operating margin of 48.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had a net profit margin of -6.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) paid $4.00 per share in dividends during fiscal year 2025.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) has a return on equity of -1.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) generated $26.8M in free cash flow during fiscal year 2025. This represents a 16.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) generated $27.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had $272.4M in total assets as of fiscal year 2025, including both current and long-term assets.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) invested $512K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) invested $1.6M in research and development during fiscal year 2025.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had a current ratio of 9.41 as of fiscal year 2025, which is generally considered healthy.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had a debt-to-equity ratio of 0.14 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had a liabilities-to-equity ratio of 0.16 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) had a return on assets of -0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) reported a net loss of $2.5M while generating $27.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) has an interest coverage ratio of 18.43x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
SWK Holdings Corporation 9.00% Senior Notes due 2027 (SWKHL) scores 79 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.